Investments
 3 Months Ended
Mar. 31, 2015
Investments Debt And Equity Securities [Abstract]  
Investments

10. INVESTMENTS

The Company had cash and cash equivalents of $421.5 million and $443.10 million at March 31, 2015 and December 31, 2014, respectively. Cash and cash equivalents generally consist of cash in banks, as well as highly liquid investments in money market funds, time deposits, savings accounts, commercial paper, and corporate debt securities.

The Company’s U.S. government securities are mostly comprised of direct U.S. Treasury obligations that are guaranteed by the U.S. government and U.S. government agency securities are mostly comprised of U.S. government agency instruments, including mortgage-backed securities. The Company’s non-U.S. government securities are mostly comprised of non-U.S. government instruments, mainly municipal and foreign government securities. To ensure that the investment portfolio is sufficiently diversified, the Company’s investment policy requires that a certain percentage of the Company’s portfolio be invested in these types of securities.

The Company’s corporate debt securities are comprised of publicly-traded domestic and foreign corporate debt securities. The Company does not purchase auction rate securities, and investments are in instruments that meet high quality credit rating standards, as specified in the Company’s investment policy guidelines. These guidelines also limit the amount of credit exposure to any one issuer or type of instrument.

At March 31, 2015, the Company’s long-term investments had contractual maturities of one to two years.

In addition, the Company has short-term and long-term investments in debt securities which are summarized as follows (in thousands):

 

 

Cost Basis

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

Balances at March 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments-Short-term:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

$

32,183

 

 

$

18

 

 

$

—

 

 

$

32,201

 

U.S. government agency securities

 

66,737

 

 

 

12

 

 

 

(5

)

 

 

66,744

 

Non-U.S. government securities

 

9,556

 

 

 

—

 

 

 

(1

)

 

 

9,555

 

Corporate debt securities

 

97,602

 

 

 

17

 

 

 

(34

)

 

 

97,585

 

Total investments - short-term

$

206,078

 

 

$

47

 

 

$

(40

)

 

$

206,085

 

Investments-Long-term:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

$

15,140

 

 

$

23

 

 

$

—

 

 

$

15,163

 

U.S. government agency securities

 

14,040

 

 

 

13

 

 

 

—

 

 

 

14,053

 

Corporate debt securities

 

11,944

 

 

 

9

 

 

 

(11

)

 

 

11,942

 

Total investments - long-term

$

41,124

 

 

$

45

 

 

$

(11

)

 

$

41,158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments-Short-term:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

$

26,930

 

 

$

7

 

 

$

(2

)

 

$

26,935

 

U.S. government agency securities

 

59,336

 

 

 

7

 

 

 

(6

)

 

 

59,337

 

Non-U.S. government securities

 

8,764

 

 

 

2

 

 

 

—

 

 

 

8,766

 

Corporate debt securities

 

90,782

 

 

 

10

 

 

 

(47

)

 

 

90,745

 

Total investments - short-term

$

185,812

 

 

$

26

 

 

$

(55

)

 

$

185,783

 

Investments-Long-term:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

$

25,320

 

 

$

4

 

 

$

(10

)

 

$

25,314

 

U.S. government agency securities

 

17,369

 

 

 

1

 

 

 

(14

)

 

 

17,356

 

Corporate debt securities

 

16,540

 

 

 

2

 

 

 

(15

)

 

 

16,527

 

Total investments - long-term

$

59,229

 

 

$

7

 

 

$

(39

)

 

$

59,197

 

Unrealized Losses

The following table summarizes the fair value and gross unrealized losses of the Company’s investments, including investments categorized as cash equivalents, with unrealized losses aggregated by type of investment instrument and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

 

 

Less than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

Fair Value

 

 

Gross

Unrealized

Losses

 

 

Fair Value

 

 

Gross

Unrealized

Losses

 

 

Fair Value

 

 

Gross

Unrealized

Losses

 

March 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

$

2,253

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2,253

 

 

$

—

 

U.S. government agency securities

 

27,475

 

 

 

(5

)

 

 

—

 

 

 

—

 

 

 

27,475

 

 

 

(5

)

Non-U.S. government securities

 

7,165

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

7,165

 

 

 

(1

)

Corporate debt securities

 

42,926

 

 

 

(44

)

 

 

805

 

 

 

(1

)

 

 

43,731

 

 

 

(45

)

Total investments

$

79,819

 

 

$

(50

)

 

$

805

 

 

$

(1

)

 

$

80,624

 

 

$

(51

)

December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government  securities

$

22,355

 

 

$

(12

)

 

$

—

 

 

$

—

 

 

$

22,355

 

 

$

(12

)

U.S. government agency securities

 

27,348

 

 

 

(20

)

 

 

—

 

 

 

—

 

 

 

27,348

 

 

 

(20

)

Corporate debt securities

 

59,667

 

 

 

(62

)

 

 

—

 

 

 

—

 

 

 

59,667

 

 

 

(62

)

Total investments

$

109,370

 

 

$

(94

)

 

$

—

 

 

$

—

 

 

$

109,370

 

 

$

(94

)

 

During the three months ended March 31, 2015 and 2014, there were no investments in the Company’s portfolio that were other-than temporarily impaired and the Company did not incur any material realized net gains or losses.